Yamana Gold to cut stake in Brio unit to 21 pct in private placement

Reuters Staff

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Nov 23 (Reuters) - Yamana Gold Inc said on Monday its wholly owned subsidiary Brio Gold Inc has started a private placement of Brio shares, which will reduce Yamana’s stake in the unit to around 21 percent.

Based on this placement, Brio Gold’s value would be around $369.3 million, Yamana said in a statement. (Reporting by Nicole Mordant in Vancouver; Editing by Richard Chang)